Pepe coin has emerged as one of the most promising cryptocurrencies within the meme coin sector this year, recently hitting a new ATH again. The token has defied the crypto market’s expectations, rallying to unprecedented levels despite the broader market’s turbulence.

Amid this substantial upward momentum gained by the frog-themed meme token, PEPE appears to have emerged as a hot trend among Smart Money traders, seasoned traders who usually make considerable profits trading crypto. On-chain data surfacing within the market shows nearly 250.5 billion PEPE shuffled by smart money addresses amid the token’s recent hitting of a new ATH.

This has ignited a flurry of speculation among investors, who are speculating over the meme coin’s potential to offer gains in the future.

Smart Money Addresses Shuffle Pepe Coin: Here’s All To Know

According to data revealed by a couple of on-chain analytics platforms, it was pointed out that 250.40 billion PEPE was moved in the past 24 hours. Notably, these transfers showcased Pepe coin accumulations and dumps by smart money traders in hand.

A smart money, 0x37…, was noted to have been accumulating 406.74 million PEPE from Binance, one of the world’s leading exchanges. Conversely, another smart money address, 0x647…., offloaded a whopping 250 billion PEPE to the same exchange.

It’s worth noting that the address 0x647 accumulated PEPE just one day after the coin launched. An initial accumulation of 475 billion PEPE with 0.51 ETH was recorded, with the address selling 468 billion PEPE to date with an ROI of 2084x. This address still holds considerable amounts of PEPE, worth 7.25 billion coins, hinting that the investor believes the token could pump even higher.

Whereas, the abovementioned smart money 0x37’s accumulation at a time when PEPE is already on a bull run adds to optimism on potential gains ahead.

Also Read: Crypto Prices Today May 14: Bitcoin Crosses $62K, Ethereum & Altcoins Mirror Sentiment

PEPE’s Price Rallies To New ATH

Meanwhile, as of writing, PEPE’s price has rallied 19.68% in the past 24 hours and currently sits at $0.00001005. It’s 24 hour lows and highs are $0.00000831 and $0.00001028, respectively. By ditching a zero from its value, the meme coin has achieved a monumental achievement, although speculations loom about whether it can hold this level.

Significant PEPE buying in recent days appears to have brought considerable buying pressure on the frog-themed meme token. Whereas, the coin’s 24-hour trading volume further rocketed 280.38% to $2.11 billion, pushing the token to a bullish stage.

Coinglass data added to this bullishness, flagging a market uptrend scenario for Pepe coin as open interest surged 14.92% to $107.51 million, followed by a derivatives volume upswing of 235.45% to $2.12 billion. This data paints a highly optimistic scenario for PEPE at press time, although speculations of a correction loom primarily attributed to the RSI hovering at 70. Suggesting that the asset is overbought, a potential reversal or correction might be expected ahead.

Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index

The post Pepe Coin Hits New ATH As Smart Moneys Shift 250.5B PEPE, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am